Sotheby’s Sells ‘BitcoinShrooms’ NFTs for a Mighty $450K

On Dec 18, 2023

Sotheby’s recently stepped into the world of Bitcoin Ordinals inscriptions. The art auction juggernaut recently presented a trifecta of pixelated “BitcoinShrooms” NFTs that astonishingly accumulated $450,000.

Among these artistic assets — notably created by the celebrated anonymous artist “Shroomtoshi” — the captivating avocado image “BIP39 SEED” drew attention, fetching a striking $101,600. Another piece reminiscent of a mushroom character from the Super Mario series (“S Shroom”) then captured over $240,000. Meanwhile, the crowned mushroom dubbed “Sovereign Individual” also stood out, garnering $108,400.

Sotheby’s BitcoinShrooms auction sparked tremendous enthusiasm, attracting 148 bids across the three lots and dwarfing initial expectations of $20,000 to $30,000 apiece. Remarkably, the majority of the auction’s participation came from new bidders, accounting for over two-thirds of total attendees.

Controversy and Demand for Bitcoin Ordinal NFTs

The popularity of Ethereum NFTs once ruled digital asset markets, especially in relation to art. However, Bitcoin Ordinals inscriptions, devised by Casey Rodarmor on the Bitcoin blockchain, brought a refreshing perspective last year. Since, this trend has sparked discussion within the Bitcoin community, on whether to exclude transactions tied to NFT-like inscriptions, as it veers from Bitcoin’s original purpose as a peer-to-peer payment network.

Regardless, the year 2023 has been a period of immense growth for Bitcoin Ordinals, sparking a transformation in the Bitcoin blockchain space and fueling renewed interest in non-fungible collectibles.

Sotheby’s recent auction’s success and the substantial interest that it generated underlines the continuous evolution of NFTs and Bitcoin Ordinals inscriptions, emphasizing the growing anticipation and excitement concerning further advancements in this compelling field.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.